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RNS Number : 7394D
Advanced Oncotherapy PLC
28 June 2019
 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain

 

28 June 2019

 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Final Results for the year ended 31 December 2018

 

Advanced Oncotherapy (AIM: AVO), the developer of a next generation proton therapy system for cancer treatment, announces audited results for the year ended 31 December 2018, another year of significant technological development of the Company's first LIGHT system.

 

Key highlights:

·    LIGHT system now generating proton beams with the energy needed to treat superficial tumours 

·    The time-of-flight measurements of proton pulses demonstrated the precision of computer simulations, required for accurate tumour targeting

·    RaySearch AB selected as strategic partner to provide their Treatment Planning Software and Oncology Information System platform

·    Preparations for the establishment of UK testing and assembly site at the Accelerator and Technology Centre in Daresbury are now well advanced

·    Harley Street site building work on schedule

·    First patient treatment expected by the end of 2020 

·    Completion of commercial distribution agreement with Liquid Harmony for China and other parts of Asia 

·    Ongoing commercial discussions with sites in the USA, Europe, Asia and Middle East 

·    New Board and Senior Management appointments 

·    Raised equity finance totalling £37m 

 

Nicolas Serandour, CEO of Advanced Oncotherapy, said:

"I am very pleased with the progress that we are making to develop a more affordable proton-based radiotherapy system which will ultimately facilitate the wider use of radiation with protons for treating radio-sensitive tumours.

 

"Whilst we appreciate that we still have challenges ahead, the achievements we have made further strengthen our dedication and commitment to deliver our game-changing technology to a substantial international market."

 

Posting of Annual Report & Notice of AGM

The annual report for the year ended 31 December 2018 will shortly be available from the Company's website at www.advancedoncotherapy.com and will shortly be posted  to shareholders together with a notice of Annual General Meeting to be held at 2pm on Thursday 25 July 2019 at The Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE.

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 (0)20 3617 8728

Nicolas Serandour, CEO




Allenby Capital Limited (Nominated Adviser & Joint Broker)


Nick Athanas / Liz Kirchner / Nicholas Chambers

Tel: +44 (0)20 3328 5656



Stifel Nicolaus Europe (Joint Broker)


Jonathan Senior

Tel: +44 (0)20 7710 7600



Walbrook PR (Financial PR & IR)

Tel: +44 (0)20 7933 8780 or [email protected]

Paul McManus / Anna Dunphy

Mob: +44 (0)7980 541 893 / Mob: +44 (0)7876 741 001

 

 

About Advanced Oncotherapy Plc www.avoplc.com

 

Advanced Oncotherapy is a provider of particle therapy in the treatment of cancer, which harnesses the very best in modern technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva, focuses on the development of a proprietary proton accelerator - LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a compact and truly modular unit, offering significant cost advantages. LIGHT also delivers proton beams in a way that facilitates greater precision and electronic control, which are not achievable with currently available alternative technologies.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology, offering better health outcomes and lower treatment related side effects.

 

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton or particle therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of cutting edge, cost-effective systems for particle therapy.

 

CHAIRMAN's STATEMENT

 

INTRODUCTION

I have worked in the Healthcare industry for almost 50 years and LIGHT represents the project I am most proud of. As Executive Chairman of the Company, I know that many of our stakeholders - whether they are employees, suppliers, development partners or shareholders - feel the same way. This feeling comes from our strong association with CERN, an organisation that has pushed the frontier of physics and made a positive impact on society globally. But this is also because the technology we have acquired has the potential to change the way we treat cancer and save many lives. Proton therapy has clear benefits over conventional radiotherapy but it has to be democratised, so that many more patients can benefit, and not just a few. Since the acquisition of ADAM in 2013, our team and partners have made great progress in making this vision a more tangible reality.

 

Of course, the excitement of driving this project forward comes with responsibilities and I owe each of you transparency with regards to the challenges associated with the development and commercialisation of our technology. With the achievements we announced in 2018, the risks associated with (i) the development of the technology, (ii) the regulatory requirements and (iii) the set-up of the manufacturing and commercial infrastructure have all decreased. However, I know all too well that such risks will always exist and it is our responsibility to ensure that these are appropriately managed. Whilst my fellow Directors and I view these challenges with confidence, our ability to address them largely hinges on the ability of the Company to raise adequate funding. Bringing LIGHT to the market will require further funding and this implies risks. It is encouraging that we have been able to make progress at a much lower cost than most other comparable projects, but more remains to be done.

 

The support we have received in 2018 and in the first part of 2019 from different funding sources, including a £10 million two-year secured debt facility from Credit Suisse, and our ability to attract talents such as Moataz Karmalawy - a person who led the transformation of the Varian Particle Therapy business unit and who recently joined the Company as Chief Commercial Officer and President, US - show me that more and more people share in our vision; this further reinforces my conviction that cancer is a fight that we can win only if all stakeholders work together. This is key to secure our funding plan and execute our strategy as per the plan we set. It is also very important to minimise dilution for our shareholders who have been extremely loyal and supportive.

 

I have highlighted below the developments made by the Company. I look forward to discussing this at our next AGM and during an investor presentation to be arranged later this year. Thank you for all your support.

 

OUR UNIQUE technology - ADDRESSING A CLEAR CLINICAL DEMAND

 

Creating a cost-effective proton therapy technology that offers cancer patients better outcomes with lower treatment-related side effects, and that is at the same time affordable enough to be made available more widely remains the core focus of our efforts.

 

It is disappointing that the high cost of building and operating traditional proton therapy technologies has meant that the global capacity to treat cancer patients in this way has been extremely low. Only 1% of patients eligible for radiotherapy are being treated with proton therapy currently, with a capacity for as little as 60,000 patients to be treated annually across the globe. Considering the UK alone, where roughly 360,000 patients are diagnosed with cancer each year, it is clear that there is a desperate clinical need for the roll-out of a technology that can bring the benefits of proton beam therapy to millions of patients worldwide.

 

LIGHT's technical advantages offer the potential to make proton therapy a more affordable and accessible treatment: 

 

·    Significantly lower shielding requirements: The LIGHT system uses an innovative linear accelerator rather than a circular one. This results in less radioactive energy being created during operation, significantly reducing the costs associated with the extensive shielding requirements needed with circular technologies. This is because the beam energy can be adjusted at source, requiring no absorbers or energy reduction devices. This is particularly relevant when considering that the bulk of the project costs for setting up proton therapy centres are related to the building;

 

·    Precision: The proton beam created by the LIGHT system can be moved and adjusted very rapidly, allowing for more accurate targeting of cancerous tumours. Spot scanning, which allows a more conformal dose, is supported by LIGHT;

 

·    Versatility: While other systems come in one size, the LIGHT system can be customised due to its modularity. This offers clinics an opportunity to expand their offering to other rooms and / or to increase the system's maximum energy step-by-step, as clinical needs develop. The fact that new modules can be added to increase output energy at any point reduces the commitment by healthcare providers to high upfront costs for systems that may not be fully utilised;

 

·    Affordability: Due to the modular nature of the system, reduced shielding requirements and its suitability for high-volume production manufacturing, the LIGHT system is well positioned to reduce the treatment price per patient at a fraction of the price charged today for patients receiving proton therapy;

 

·    City-centre focus: LIGHT's reduced volume and modularity allow for implementation in existing clinical sites and densely populated areas where space is scarce. This means that the technology can make proton therapy more accessible to patients, ensuring that as many people as possible can benefit from it; and

 

·    An integrated system: In partnership with Raysearch AB, the global leader in software solutions for X-ray and particle therapies, LIGHT will offer a full work-flow integration from patient intake, over treatment planning, through to beam delivery, and ensure a seamless patient treatment experience.

 

Overview

 

We are delighted to report another year of progress in the technological development and installation of our first LIGHT system, our next generation proton therapy system for treating cancer. From a technical perspective, the most challenging development aspects are now behind us after the successful integration of all key structures of the LIGHT system and the generation of a beam with sufficient energy to treat superficial tumours.

 

We can now focus on the lower-risk process of integrating additional accelerating modules to increase the beam energy and improve the quality of the proton beam, in terms of performance and reliability.

 

Preparations at the Science and Technology Facilities Council ("STFC") Daresbury Laboratory are proceeding to plan with the continued commitment of treating first patients by the end of 2020. The building work for the first commercial installation of LIGHT, in Harley Street, London, remains on track. The project is moving forward with the fit-out phase expected to start in the second half of 2019.

 

Thanks to the completion or announcement of equity investments totalling £37 million in 2018, we have been able to progress our activities and we are maintaining a continuous dialogue with investors to provide funding for the next stage of this project: regulatory approval and commercial roll out. Whilst exact timings for the completion of such an undertaking can be subject to challenges in the process including those related to the appetite of financial markets, we remain confident that we will deliver a market-leading proton therapy system that can make proton therapy more widely available to patients than existing technologies and which will bring a paradigm shift in precision cancer treatment, globally.

 

TECHNOLOGICAL DEVELOPMENT

 

The most significant advances during the year have been seen in the technological development of our first LIGHT system. We have fully integrated all key accelerating components and achieved the most challenging aspect of generating a beam with an energy level capable of treating superficial tumours.

 

In October 2018, we were proud to announce that LIGHT was able to generate a proton beam with an energy of 52MeV, roughly double the output energy achieved a month earlier, and sufficient to treat superficial tumours such as ocular tumours, parotid gland tumours, basal cell carcinoma, and some soft tissue sarcomas, to name a few. The development team remains focussed on the lower-execution risk activity of adding further accelerating modules, which have the same designs as the ones already tested and operating, and with the successful integration of a total of 15 accelerating modules the LIGHT systems will generate a proton beam of 230MeV, the energy required for the effective treatment of deep-seated tumours.

 

Given the modular design of our high-speed accelerating units, the integration of additional modules is now a relatively de-risked procedure and so once Raysearch's software suite is completed to accommodate for LIGHT's precision and for the integration with P-Cure's highly integrated positioning systems, LIGHT will be able to treat first patients as planned. Through our partnership with P-Cure, we expect to receive the robotic treatment chair and sliding CT scanner at our STFC assembly plant shortly following extensive testing.

 

We have established a strategic relationship with RaySearch AB, a leading provider of software solutions for radio and particle therapies, which will be providing both the treatment planning system via RayStation, and the oncology information system using Raycare, which enables personal adapted care. RaySearch's treatment planning systems are used by proton therapy centres around the world having been adopted by 43 centres across 14 countries.

 

We have been encouraged by the successful ongoing testing of our Time-of-Flight measurement system which measures the speed of the beam and allows the evaluation of the energy of each proton pulse, an important clinical parameter, key for ensuring beam control and adjustability. 

 

Following the end of the financial year, Advanced Oncotherapy was granted ISO 13485:2016 certification; a highly regarded quality standard which ensures consistency across the design, development, production, installation and sale of medical devices that are safe for their intended purposes.  

 

ROAD TO COMMERCIALISATION

 

As we further advance in the integration of the first LIGHT system, we remain cognisant of other commercial opportunities.

 

Discussions for a second UK site in Birmingham continue and we remain in dialogue with institutions across the US, Europe and the Middle East. The Company also received a payment of £16.5 million relating to the exclusive distribution agreement with Liquid Harmony to market and sell Advanced Oncotherapy's LIGHT system across China, Macau, Taiwan, Hong-Kong and South Korea. Having already identified eleven potential installation sites for the LIGHT system, Liquid Harmony and the Company have committed to a target of three installations over the first four years and the financing of ten further systems following the regulatory approval of the LIGHT system in China.

 

We continue to assess options for offering eased access to financing packages to our prospective customers.

 

FINANCING

 

During 2018, we completed or announced £37 million in equity investments. This has provided us with the funds necessary to continue our development.

 

In February 2018, we completed an equity raise worth £20.9 million at placing price through subscriptions, placings and the conversion of debt. This included a subscription for £13.5 million by Liquid Harmony and further subscription and conversion of debt for £7.4 million from other investors, including members of the Board and members of a consortium formed by AB Segulah.

 

In September 2018, we successfully concluded an equity raise of £6.4 million which attracted a number of prominent Swiss Private Banks as well as healthcare providers based in Switzerland, which shows a clinical recognition of the need for our technology and the close connection our Company has with CERN.

 

At the very end of the year we were pleased to announce a further subscription for shares to raise £10 million. This investment, which included £4.8 million invested by Paris-based DNCA Investments, completed post period-end.

 

On 21 January 2019, the Company held a General Meeting during which all resolutions related to the £10 million funding round announced in December 2018 were duly passed. As a result, the Directors were granted the authority to issue 25 million new shares to the places who invested during that financing process.

 

In May 2019, the Group secured additional financing for a total amount of £12.3 million in the form of a two-year secured debt facility with Credit Suisse AG for £10.0 million and a direct subscription of £2.3 million.

 

FINANCIALS

 

The Group recorded a comprehensive loss of £20.2 million in the year ended 31 December 2018 (2017: £14.7 million), with shareholder funds as at 31 December of £34.0 million (2017: £28.7 million).

 

Cash and cash equivalents at the year-end were £1,013,053 (2017: £56,479), although these year-end figures do not take into account post period financing agreements.

 

BOARD CHANGES and Senior Management appointment

 

As detailed in our 2018 Half-Year Report, we made a number of Board changes during the year. Sanjeev Pandya, Euan Thomson and Chris Nutting stood down from the Board and five Non-Executive Directors were appointed.

 

Peter Sjöstrand joined as Non-Executive Director and Vice-Chairman and we are pleased to benefit from his experience as a seasoned Independent Non-Executive Director for public and private companies within the Healthcare, Industrial and Financial sectors.

 

Gabriel Urwitz, founding Partner and Chairman of AB Segulah, joined as a Non-Executive Director. He is a Director of AB Segulah and a shareholder in the Company.

 

RenHua Zhang, Chunlin Han and Yuelong Huang, all representing Liquid Harmony, also joined as Non-Executive Directors.

 

Post-period end, we announced the appointment of Moataz Karmalawy as Chief Commercial Officer and President of the US division. This was a major coup for the Company given that Moataz joins us from Varian Medical Systems, Inc. where he was heading their Particle Therapy Business. His experience of growing the proton therapy business' order book to in excess of $1 billion and achieving a 50% market share in the global particle therapy products market will be invaluable as he leads our commercialisation efforts worldwide.

 

The Board have also agreed that, with immediate effect, Prof Stephen Myers (Executive Chairman of ADAM) will assume the role of Executive Director of Advanced Oncotherapy, reflecting his current role and responsibilities.

 

OUTLOOK 

 

Having made significant progress across numerous operational areas, we pursue our objective to deliver on our first patient treatment target by the end of 2020. The Harley street site will be shortly moving into fit-out phase and we expect to have all of the accelerating modules manufactured later this year, which will enable us to generate a proton beam with the required energy to treat deep-seated tumours, once fully integrated. We expect to be able to update shareholders on our progress in this regard as we continue to improve proton beam performance during the integration stage.

 

By the end of the year, we aim to have a tailor made treatment plan in place for our LIGHT system and expect to have the entire patient positioning system installed. We will also update shareholders on the progress being made in scaling up our production capabilities at our assembly site in Daresbury, which will be key for the commercial roll-out of these systems. We still have a number of significant challenges ahead which are inherent to the nature of such a complex project and subject to conditions and appetite of the financial markets as these relate to funding activities. We remain committed to deliver a breakthrough in proton therapy technology, one which will open up the availability of treatment to a much wider patient population. We see a number of significant catalysts ahead of us over the next 18 months and we look forward to delivering against these and keeping shareholders updated as we aim to create further value.

 

 

 

Dr Michael Sinclair

Executive Chairman



 

 

 

Consolidated statement of profit or loss and other comprehensive income



For the year ended 31 December 2018 - Financials in £

Group

Group


2018

2017

Revenue

-

-

Cost of sales

(1,908,925)

-

Gross loss

(1,908,925)

-

Administrative expenses

(19,890,746)

(14,492,595)

Operating loss

(21,799,671)

(14,492,595)

Finance income

13,496

-

Finance costs

(80,187)

(1,994,891)

Loss on ordinary activities before taxation

(21,866,362)

(16,487,486)

Taxation

759,413

2,827,115

Loss after taxation from continuing operations

(21,106,949)

(13,660,371)

Profit/(Loss) for the year from discontinued operations

(47,794)

-

Loss after discontinued operations

(21,154,743)

(13,660,371)

Loss for the period



Equity of shareholders of the parent company

(21,149,964)

(13,660,371)

Non-controlling interests

(4,779)

-


(21,154,743)

(13,660,371)

Other comprehensive income



Items that will not be subsequently reclassified to profit or loss:



Exchange differences on translation of foreign operations

991,530

(1,065,130)

Total comprehensive loss for the year net of tax

(20,163,213)

(14,725,501)




Total comprehensive loss attributable to:



Equity of shareholders of the parent company

(20,158,434)

(14,725,501)

Non-controlling interests

(4,779)

-


(20,163,213)

(14,725,501)

Loss per ordinary share



Basic and diluted



Continuing operations

(14.02)p

(17.55)p

Discontinued operations

(0.03)p

0.00p


(14.05)p

(17.55)p

Weighted average number of shares (000's)

150,542

77,832

 



 

 

Consolidated statement of financial position

Group

Group

As at 31 December 2018- Financials in £

2018

2017

Non-current assets



Intangible assets

40,165,073

30,569,979

Property, plant and equipment

4,086,730

1,180,937

Investment property

310,000

310,000

Trade and other receivables

1,210,874

838,887



45,772,677

32,899,803

Current Assets



Inventories

10,014,086

7,629,292

Trade and other receivables

1,964,695

1,964,792

Corporation tax R&D refund

685,764

2,850,000

Cash and cash equivalents

1,013,053

56,479



13,677,598

12,500,563

Total assets

59,450,275

45,400,366





Current liabilities



Trade and other payables

(5,954,777)

(7,491,290)

Borrowings

(3,000,000)

(9,247,218)



(8,954,777)

(16,738,508)

Non-current liabilities



Licence Fee Received

(16,500,000)

-



(16,500,000)

-

Total liabilities

(25,454,777)

(16,738,508)

Net assets


33,995,499

28,661,858





Equity




Share capital

42,391,523

20,233,799

Share premium reserve

50,724,177

43,259,389

Share option reserve

7,198,580

5,743,609

Reverse acquisition reserve

11,038,204

11,038,204

Loan note conversion reserve

-

5,650,631

Exchange movements reserve

1,451,939

460,410

Accumulated losses

(78,808,925)

(57,724,185)

Equity attributable to shareholders of the Parent Company

33,995,499

28,661,858

Non-controlling interests


-

-

Total equity funds

33,995,499

28,661,858



 


Consolidated statement of changes in equity










For the year ended 31 December 2018- Financials in £










Share capital

Share premium reserve

Share option reserve

Reverse acquisition reserve

Loan note conversion reserve

Exchange movement reserve

Accumulated losses

Equity share holders interest

Non-Controlling interest

Total

Balance at 01 January 2017

18,116,946

43,117,741

4,258,148

11,038,204

-

1,525,539

(44,063,813)

33,992,766

-

33,992,766

Loss for the year

-

-

-

-

-

-

(13,660,372)

(13,660,372)

-

(13,660,372)

other comprehensive income exchange movement

-

-

-

-

-

(1,065,130)

-

(1,065,130)

-

(1,065,130)

Total comprehensive Income

-

-

-

-

-

(1,065,130)

(13,660,372)

(14,725,501)

-

(14,725,501)

Arising on issues











 of ordinary shares

208,333

41,667

-

-

-

-

-

250,000

-

250,000

Conversion of loan notes

1,852,932

97,068

-

-

-

-

-

1,950,000

-

1,950,000

Share based payment











 - employee services

55,587

2,913

690,810

-

-

-

-

749,310

-

749,310

 - acquisition of ADAM S.A.

-

-

161,742

-

-

-

-

161,742

-

161,742

 - cost of raising equity

-

-

16,877

-

-

-

-

16,877

-

16,877

 - cost of raising finance

-

-

544,163

-

-

-

-

544,163

-

544,163

 - other services

-

-

71,869

-

-

-

-

71,869

-

71,869

Convertible loans raised

-

-

-

-

5,650,631

-

-

5,650,631

-

5,650,631

Balance at 31 December 2017

20,233,799

43,259,389

5,743,609

11,038,204

5,650,631

460,410

(57,724,185)

28,661,858

-

28,661,858

Balance at 01 January 2018

20,233,799

43,259,389

5,743,609

11,038,204

5,650,631

460,410

(57,724,185)

28,661,858

-

28,661,858

Loss for the year

-

-

-

-

-

-

(21,149,964)

(21,149,964)

(4,779)

(21,154,743)

other comprehensive income exchange movement

-

-

-

-

-

991,530

-

991,530

-

991,530

Total comprehensive Income

-

-

-

-

-

991,530

(21,149,964)

(20,158,434)

(4,779)

(20,163,214)

Shares Issued in the period

17,448,866

7,473,151

760,031

-

-

-

-

25,682,048

-

25,682,048

Expenses deducted from share premium

-

(950,135)

-

-

-

-

-

(950,135)

-

(950,135)

Lapsed and cancelled options

-

-

(34,497)

-

-

-

34,497

-

-

-

Lapsed and cancelled warrants

-

-

(35,506)

-

-

-

35,506

-

-

-

Conversion of loan notes

4,708,859

941,772

-

-

(5,650,631)

-

-

-

-

-

Share based payments

-

-

-

-

-

-

-

-

-

-

 - Share option charge

-

-

49,072

-

-

-

-

49,072

-

49,072

- Share warrants charge

-

-

715,870

-

-

-

-

715,870

-

715,870

Group provision for minority interest

-

-

-

-

-

-

(4,779)

(4,779)

4,779

-

Balance at 31 December 2018

42,391,523

50,724,177

7,198,580

11,038,204

-

1,451,939

(78,808,925)

33,995,499

-

33,995,499


Consolidated statement of cash flows







For the year ended 31 December 2018







- Financials in £


2018



2017



Continued

Discontinued

Group

Continued

Discontinued

Group

 

Cash flow from operating activities







 

Loss after taxation

(21,106,949)

(47,794)

(21,154,743)

(13,660,371)

-

(13,660,371)

 








 

Adjustments to cash flows from non-cash items







 

Depreciation and amortisation

411,134

-

411,134

365,470

-

365,470

 

Finance income

(13,496)

-

(13,496)


-


 

Finance costs

80,187

-

80,187

1,994,891

-

1,994,891

 

Taxation

(759,413)

-

(759,413)

(2,827,115)

-

(2,827,115)

 

Share based payments

4,202,625

-

4,202,625


-


 

Impairment of inventory

1,908,925

-

1,908,925


-


 

Foreign exchange

346,285

-

346,285

1,543,961

-

1,543,961

 

Cash flows from operations before changes in working capital

(14,930,702)

(47,794)

(14,978,496)

(12,583,163)

-

(12,583,163)

 

Changes in inventories

(4,293,719)

-

(4,293,719)

(191,784)

-

(191,784)

 

Property deposits made

(371,988)

-

(371,988)

(838,887)

-

(838,887)

 

Change in trade and other receivables

97

-

97

(2,139,752)

-

(2,139,752)

 

Change in trade and other payables

(1,387,909)

23,651

(1,364,258)

4,341,687

(8,530)

4,333,157

 

Cash (used) / generated from operations

(4,484,221)

(24,143)

(4,508,364)

(11,411,899)

(8,530)

(11,420,429)

 

Interest paid

(80,187)

-

(80,187)

(568,667)

-

(568,667)

 

Convertible loan costs paid


-


(721,327)

-

(721,327)

 

Corporation Tax Receipt

2,923,649

-

2,923,649

3,125,121

-

3,125,121

 

Cash flows from operating activities

(1,640,759)

(24,143)

(1,664,902)

(9,576,772)

(8,530)

(9,585,302)

 

Cash flows from investing activities:







 

Interest received

13,496

-

13,496


-


 

Purchase of buildings plant and equipment

(3,293,238)

-

(3,293,238)

(123,597)

-

(123,597)

 

Capital expenditure on intangible assets

(8,799,893)

-

(8,799,893)

(8,437,115)

-

(8,437,115)

 

Cash flows from investment activities

(12,079,635)

-

(12,079,635)

(8,560,712)

-

(8,560,712)

 

Cash flows from financing activities:







 

Proceeds from issue of ordinary shares

21,052,563

-

21,052,563

250,000

-

250,000

 

Costs of share issue

(650,135)

-

-


-


 

Convertible loans


-

-

7,800,000

-

7,800,000

 

Short term loan receipts

4,500,000

-

4,500,000

8,703,968

-

8,703,968

 

Short term loan payments

(10,247,218)

-

(10,247,218)


-

-

 

Intra Group Cash Transfers

(24,483)

24,483

-

(9,163)

9,163

-

 

Cash flows from financing activities

14,630,727

24,483

14,655,210

16,744,805

9,163

16,753,968

 

Increase/(decrease) in cash and cash equivalents

910,334

340

910,675

(1,392,679)

633

(1,392,045)

 

Exchange gain on cash and cash equivalents

45,899

-

45,899

-

-

-

 

Cash and cash equivalents at01 January 2018

38,824

17,654

56,479

1,431,502

17,021

1,448,524

 

Cash and cash equivalents at31 December 2018

995,057

17,994

1,013,053

38,824

17,654

56,479

 








 

The annual report for the year ended 31 December 2018, which includes notes to the financial statements, will be available from the Company's website at www.advancedoncotherapy.com and will shortly be posted or emailed to shareholders together with a notice of Annual General Meeting to be held at 2pm on Thursday, 25 July 2019 at the Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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